10 August 2024, Mumbai
As a part of its strategy to exit loss-making operations in the capital area, Spencer’s Retail is shutting down its stores in the Delhi-NCR region
The BSE-listed retailer currently operates 18 stores in Delhi, Gurugram, and Noida, including supermarkets spanning 25,000 sq ft and smaller neighborhood stores of around 3,000 sq ft. All of these locations are slated for closure.
In recent weeks, various Spencer’s Retail stores in NCR have been offering significant clearance discounts of up to 70 per cent on a wide range of products, including food, furniture, electronics, and home goods. The company’s hypermarkets typically stock between 15,000 and 20,000 SKUs (stock-keeping units), while the smaller kirana format stores offer 3,500 to 6,000 SKUs, depending on their size.
Spencer’s Retail is also exiting the Andhra Pradesh and Telangana markets, where it has a presence primarily in Hyderabad and the coastal regions of Andhra Pradesh. This follows last year’s withdrawal from the southern markets of Tamil Nadu and Kerala.
With the exit from Delhi-NCR, Andhra Pradesh, and Telangana, Spencer’s Retail will now focus its efforts on Eastern Uttar Pradesh in the north and its home market of West Bengal.
Spencer’s Retail is part of the Kolkata-based RP-Sanjiv Goenka Group, a conglomerate with diverse interests in sectors including power, chemicals, media and entertainment, and sports. The group also owns the Indian Premier League (IPL) franchise for Lucknow.
